Does the Development of Technology Market Promote the Allocation of Enterprise Technology Factor——An Empirical Study Based on Samples of Listed Companies in China
Technology market is an important means for enterprises to obtain technology factors.It influences the allocation level of tech-nology factors by supporting the whole process of technological innovation and promoting the upgrading of industrial structure.On the one hand,the thickness and transaction security of users in the market provide utility incentives for enterprises,and on the other hand,regulate the degree of risk perception of users,and then affect the market transaction behavior of enterprises in the mechanism.Based on the empirical analysis of the data of listed enterprises,the conclusion shows that the technology market thickness and security have a positive correlation with the technology factor allocation of listed enterprises,but this positive correlation is moderated by financing con-straints.In the case of higher financing constraints,the impact of technology market security on the efficiency of technology factor allo-cation is more significant.In the case of low financing constraints,technology market thickness has a more significant impact on the effi-ciency of technology factor allocation.
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